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Archived News Release--Caution:
information may be out of date.
For more information call: (202) 219-7316
Thus far, the story of 1996 is one of steady, robust
employment growth. Job creation over the course of the year has averaged
166,000 a month, more than enough to provide jobs for people coming into the
labor market.
April's unemployment rate of 5.4 percent marked the 20th
consecutive month that it has stayed under 6 percent. The unemployment rate is
now two full percentage points lower than it was exactly four years ago. In
April 1992, the rate was 7.4 percent.
The news on the wage front is encouraging. Wages for
production and non-supervisory workers are beating inflation. However, we face
the challenge of ensuring that all hardworking people share the benefits of an
improving economy. Given strong productivity growth and yesterday's surge in
GDP, the fact that average hourly earnings are running only slightly ahead of
inflation is a sign that there is room to increase the wages of working
Americans. And certainly there is room for a modest raise in the minimum wage
for America's lowest-paid workers.
Archived News Release--Caution:
information may be out of date.
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